Real Estate Math
An NC developer buys a 5-acre parcel for $200,000. After subdividing into 10 lots, each lot's land cost basis is:
A$15,000
B$20,000✓ Correct
C$22,000
D$25,000
Explanation
Cost per lot = Total cost / Number of lots = $200,000 / 10 = $20,000. Using the values given ($200,000), apply the appropriate formula.. The correct answer is $20,000.. This is a common calculation on the North Carolina real estate exam.
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